Never miss an update

Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Store Sample Model- May have been tried on in stores only
Product Line: Brooks Pureflow 7 Style: Running, Cross Training
Color: Gray Width: Medium (D, M)
Brand: Brooks US Shoe Size (Men's): 9
UPC: Does not apply
Never miss an update

Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c -

    Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c
    Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c
    Adidas 3ST.001 Black White Silver Ice Sz 11 CQ10872010 Nike Air Jordan Retro 6 VI Black/Infrared Sz 11Nike Air Conversion Basketball Men's Shoes Size , Adidas Men's Shoes Ligra 5 Sport Casual Volleyball BlueMen's/Women's NEW MEN'S NIKE HYPER LIVE 819663-004 Queensland Online export store At an affordable price , AIR JORDAN 1 RETRO HIGH FLYKNIT 919704 006 BLACK/GAME ROYAL MEN US SZ 9.5 No Box , Mizuno ML87 Navy/White Sportstyle Running Shoes Casual Sneakers D1GA180014Nike Air Zoom Cage 3 Dark Grey Tennis Racquetball Court Shoes 13 Mens 918193 001Brand New Adidas Originals München Munchen B96496 Blue/Gold Shoes Size 10Nike Air Max 90 Ultra 2.0 Flyknit Men's (Size 10) Pale Grey 875943-006 , Reebok Mens Shoes Size 10 Workout Low Classic White/Gum 63978 NIB , Mens NIKE AIR HUARACHE Black Trainers 318429 041 , Adidas Originals Nizza Shoes Athletic Sneaker BLUE WHITE CQ2330 SZ4-6Merrell Women's Capra Venture Mid GTX Surround Hiking Boots Black, 8 M US Adult , Puma Mega Nrgy X Black-White SoftFoam Sportstyle Running Shoes 2018 190945 04 , Men's/Women's Nike Air Retro Jordan IV use In short supply leading the fashion , Altra Torin 2.5 Running Shoes, Men's Sizes 10-12 Medium, Blue / Yellow, NEWNIKE AIR ZOOM VAPOR X HC, ATMOSPHERE GREY/PHOTO BLUE AA8030 002 SZ 10Brand New Nike Zoom Revis Men's Athletic Fashion Sneakers [599450 200]{AH8145-108} MENS NIKE AIR MAX 1 SIGNAL BLUE Sail/Amarillo-Pure *NEW!*Nike Air Force 1 Mid '07 Men's Shoes Size 8Nike Air Max 1 Essential - Pure Platinum / Midnight Navy Size 8.5 NewNike Romaleos 2 Weightlifting Shoes Volt Black 476927-730 Men's NEW , New adidas AlphaBOUNCE AMS Running Shoes Black Pure Energy Ultra Boost BW0428 , Nike Air Jordan First Class, White Cement Fire Red Men’s. Size 10.5, New In BoxNike NIKE FREE SB Black Dark Grey White Skate 704936-001 (486) Men's Shoes , ADIDAS ORIGINALS NMD R1 BOOST SHOES CAMO D96617 CAMOUFLAGE NEW MENS , Men/Women Nike Lebron 7 VII PS selling price Carefully selected materials Recommended today , Patrick Ewing Men's 33 Hi Basketball Shoes
    Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c ->Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c -
    LUCCHESE Classic Lizard $995-$1300 L3791 7B Cognac Peanut Brittle VINTAGE , Man/Woman Wittner Ladies Shoes White Leather Flats Customer first Wholesale trade Vintage tide shoes , Vintage SAS Siesta Womens Size 8.5 N Handsewn Blue Leather Comfort Shoes in BoxValentino Garavani Rockstud Calf Hair Ballerina Flat Leopard 38 / 7.5 - 8 , Earth Daylily - Women's Ankle Bootie Sandal Black - 8.5 Medium , Fulinken 8 Color Sz 5-10 Bridal Wedding Dress Prom Flats Heels Pumps Shoes W376 , LAUREN RALPH LAUREN WOMEN'S CAMARA DENIM/VACHETTA UPPER SHOE 9.5B NWBSexy Womens Pointed Toe Ladies 16cm High Heels Pump Party Metal Heel ShoesRockport Women's Total Motion Salima Pump, Black Suede, 9.5 M US , FENDI 7.5/37.5 Black Patent Leather Ballet Flats Shoes Gold Logo ITALY Pre Owned , Man/Woman christian louboutin black pumps 39 flagship store Good market various kindsNEW ALEGRIA Vanessa Chrysalis Cognac Thong Sandals Women's 39 8.5 $100 , Manolo Blahnik Womens Heels Size 8 Medium Black Patent Leather Slim Slides , Converse One Star CC Ox Leather Black/Honey Gum Sole - Men's Size 9AIR JORDAN 11 RETRO XI LOW TD CLEATS SZ 13 COOL GREY WHITE AO1560 003 , Men’s Adidas Tubular Doom Size US Size 10 Boost Nmd Pirate Black Beluga OG Kith , Nike Jordan CP3.VII AllStar (men's size 12) , 1805 Nike AIR JORDAN 1 RETRO HIGH OG NRG Men's Basketball Shoes 861428-061 , Mizuno Prophecy 5 Running Men's Shoes Size 7Air Jordan 6 Retro Size 12 black / deep red 384664-061 brand new in box! , Ariat 10021505 Catalyst VX Defiant 8" GTX Gore Tex Waterproof Hunting BootsCole Haan Mens GrandPro Runner Leather Sneaker Shoe, Woodbury Handstain, US 10.5 , Birkenstock Milano Smooth Leather Unisex Sandals Brown/terracotta cork EU41 , ASICS 1012A131.001 GT-XPRESS Wmn's (M) Black/Mojave Mesh Running ShoesNike Air Zoom Pegasus 35 GS Black Racer Pink White Kids Women Running AH3481-001 , ADIDAS WOMEN'S ORIGINALS POD-S3_1 SHOES B37466 BLACK/WHITEA.Giannetti CERTALDO Brown Leather Boots sz. 37 Italy , Men's/Women's Boots Many varieties Environmentally friendly Known for its excellent qualityIvanka Trump Wos Boots Tall JENN US 9.5 M Black Suede Zip Casual 5123Leather over the knee thigh boots Chic Womens high block heel Knight Long shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Brooks 9 Pure Flow Grey 7 Running Shoes mogochinese-29472 Grey Men's US 9 (I3,18) 4884a8c
    Athletic Shoes